2024 Sep Mexico Global Trade Data Summary: Tariffs Loom

Mexico 2024 Sep Trade Data Key Takeaways

• Market Trend: Mexico trade data shows flat exports (+0.25%) and falling imports (-1.81%) as tariffs loom in 2025.
• Key Driver: Mexico import export data reveals U.S. absorbs 82% of exports, while China supplies 22% of imports.
• Strategic Risk: Manufacturing dominance (57% of exports) masks reliance on imported components, exposing supply chain fragility.

Analysis covers 2024 Sep based on sanitized customs records from the yTrade database.

Mexico 2024 Sep Trade Data Trend Overview

• Mexico, a critical manufacturing hub and export-driven powerhouse in North America, saw its September 2024 Mexico global trade data reflect near-stagnant external flows amid a shifting tariff landscape.
• The Mexico import export data for the month showed exports of $49.78B, up a marginal 0.25% year-on-year, while imports fell 1.81% to $50.22B, indicating subdued domestic demand and potential inventory adjustments by firms.
• This resulted in a narrow trade deficit of approximately $440 million, a marked improvement from prior months as import compression offset weak export momentum.
• The flat trade performance aligns with corporate anticipation of new import tariffs on goods from non-FTA nations—including potential hikes of 10–50%—set to take effect in 2025, causing importers to slow orders ahead of expected cost increases [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2024 Sep Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87), electrical machinery (HS 85), and industrial machinery (HS 84) making up over 57% of total exports. Imports follow a similar pattern, dominated by electrical machinery (HS 85) and industrial machinery (HS 84), suggesting a strong reliance on intermediate goods for production. The export structure shows a high concentration in finished and semi-finished goods, while imports include raw materials like plastics (HS 39) and fuels (HS 27), indicating an integrated supply chain. Key takeaways:

• Manufacturing accounts for most of Mexico’s trade, with vehicles as the top export.
• High import dependence on machinery and electrical components for production.
• Moderate reliance on fuel imports, reflecting energy needs.

Mexico Export-Import Structural Gap

Mexico exports more vehicles and machinery than it imports, showing strength in automotive and industrial manufacturing. However, it imports significant amounts of electrical and mechanical components, revealing a dependency on foreign inputs for production. The overlap in HS codes (85, 84, 87) suggests a processing trade model, where Mexico assembles and exports finished goods using imported parts. The trade gap in raw materials (fuels, plastics) highlights vulnerabilities in energy and material supply chains. This structure points to opportunities for deeper industrial integration or local sourcing to reduce import reliance.

Table: Mexico Top Import & Export Product Categories (Source: yTrade)

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2024 Sep Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 82.46% ($41.05B) of total shipments. The next largest destinations—Canada (2.91%), Mainland China (1.56%), and Germany (1.11%)—are far smaller, showing limited diversification. Imports are more balanced but still rely on the U.S. (38.96%, $19.56B) and China (21.85%, $10.97B), with other suppliers like South Korea (3.89%) and Germany (3.22%) playing smaller roles. Key asymmetries stand out: exports are U.S.-dominated, while imports show broader sourcing but still depend on two major suppliers.

• Exports are hyper-focused on the U.S., with minimal diversification.
• Imports are more varied but still lean heavily on the U.S. and China.
• No major overlap exists between top export and import partners, suggesting limited processing trade.

Mexico Export–Import Geographic Gap

Exports are almost entirely tied to a single market (the U.S.), while imports draw from a wider but still concentrated group. The lack of shared countries in the top export and import lists indicates Mexico isn’t a major processing hub for re-export. The structure points to downstream dependency on U.S. demand and upstream reliance on North American and Asian suppliers. This imbalance leaves trade flows vulnerable to shifts in U.S. economic conditions or supply chain disruptions in Asia.

Table: Mexico Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Mexico in 2024 Sep?

Mexico's top exports in September 2024 were vehicles (HS Code 87, $11.18B, 22.45%), electrical machinery (HS Code 85, $8.77B, 17.61%), and industrial machinery (HS Code 84, $8.39B, 16.86%), per trade data.

What are the main products Mexico imports in 2024 Sep?

Mexico primarily imported electrical machinery (HS Code 85, $10.71B, 21.34%), industrial machinery (HS Code 84, $7.78B, 15.49%), and vehicles (HS Code 87, $4.48B, 8.93%) in September 2024.

Which countries are the top destinations for Mexico's exports in 2024 Sep?

The U.S. was Mexico's largest export market ($19.56B, 38.96%), followed by Mainland China ($10.97B, 21.85%) and South Korea ($1.95B, 3.89%) in September 2024.

Which countries supply most of Mexico's imports in 2024 Sep?

The U.S. dominated Mexico's imports ($41.05B, 82.46%), with Canada ($1.45B, 2.91%) and Mainland China ($778.14M, 1.56%) as distant secondary suppliers in September 2024.

How balanced are Mexico's export and import markets in 2024 Sep?

Mexico recorded a narrow trade deficit of $440M in September 2024, with exports ($49.78B) rising 0.25% YoY while imports ($50.22B) fell 1.81%, reflecting subdued demand and tariff anticipation.